mlantz7

Hello everyone! So, I closed my first 2 LO deals in the past 10 days, and now I am to the point where the tenants are moving in. I obviously need to get the utilities from the original homeowners name, to the new tenants name. How do you facilitate this? Since I am in the middle, I am not on any of the current bills, etc. Any help would be great. Thanks, Mike (UT)

So, I am dealing with a seller that is wanting to call on 3 references of previously completed deals (of which I have none), and to show my contracts to someone to make sure they are legit. Now, I have no problems with the contract deal, as long as I meet with whoever he wants to show them to. Of course, many would say this homeowner is not motivated enough... I may agree with that. The issue here is I already have someone who wants the property and is ready to sign-up. I really need the deal to go through as I really need to cash and it really is the perfect house for this couple. So, I need some help and advice here. I really don't want to let this one go. Thanks, Mike (UT)

I have signed up two sellers since the challenge began, but I am having trouble filling the properties (well, its only been like 10 days). It seems that it is easier for me to find sellers than buyers. I know I have seen info on here before about marketing for tenant/buyers, but I could use a little more. Please let me know what you do for a house to get a T/B in it. Also, I am looking to fill a property that is above the average cost/income for the area. What adjustments should I make to do this? Mike (UT)

I was wondering how you all handle a consulting agreement with a seller. I had a seller call today that is fairly motivated, but needs their equity for another property they will be buying. So, it looks like an LP won't work, unless they were willing to Refi to get their equity out. So, the idea of consulting with them to sell their house entered my mind. They have had it listed for 3 months and the realtor hasnt brought them any quality people. They want to move in one month so they can be in their new place before school starts. So, have any of you had success in helping people sell their house on a more traditional sale via consulting? Or, should I just pass on it? I could really use some money, as I haven't had any income for awhile and need to pay the bills. Thanks for any help, Mike (UT)

I have a question on this. My credit has been great except for a loan I cosigned for someone that was 30days late about 5 times. This obviously hurt my score. It has been current for 5 months now, so my score has started rising again. What I am wondering is how much this will affect my possibility of new loans/rates. My current score is 630 and rising. Thanks, Mike (UT)

I am curious about the paperwork issue, also. I have the manual and the contracts, but I am not sure exactly how to structure everything in a CA. In a CA, we obviously never plan to pay any rent to the Seller. So, my question is, as we initially setup the CA, what paperwork do we use with the seller to achieve our goals? I would appreciate info from how you do it, Michael, as well as you, Adam, so I can see the difference in the way it is assigned back to the seller/buyer. In addition, assuming I sign-up a deal looking for a sandwich deal, and then decide to go to a CA, how would something like this work? I am assuming I just assign the whole deal to the buyer/seller. But, which is best? Thanks for all the info. Mike (UT)

Those figures look right. Personally, for such a small amount and term, I would consider a higher interest rate. Most people could charge something like that on a credit card, and interest would be higher than that. But, I don't know your situation. Good luck. Mike (UT)

I'm in. I am in the middle of finishing up a new sandwich deal I signed yesterday. I have some prequalified buyers going to look at it today. I am really hoping to get it moved by this evening. We'll see. Anyway, I am up for another, and I will seek out the CA. Thanks to everyone for their support. Mike (UT)

So, looks like this guy is not giving up. Here is what happened today. So, my wife takes all of the phone calls that come in, mainly to get information from potential buyers/sellers for me. Anyway, so she gets the call a few minutes from a purported seller. But, he won't give her the information she is asking for. He just keeps wondering if he can setup an appointment to meet with me and discuss the property. Basically, trying to get my address. So, she asks for his name, which he says is Benjamin (when see asked him to spell it he couldn't!) and wouldn't give his last name. Anyway, she recognizes his voice as the same investigator who I talked to yesterday. To me, these tactics don't seem very ethical, or even legal. Can I file some sort of complaint? I have no intention to take harassment from anybody.. no matter who they say they are. The guy is really weird, and doesn't really seem like he knows what he is doing. He seems really nervous when he is talking to us. In any case, any advice would be appreciated. Mike (UT) PS. We also got a call from some realtor this morning about my flyer, asking some questions. I am wondering if this is the realtor who faxed my flyer to this guy.

Anyone here out around Aurora, CO. I just got a pretty good lead out that. Email me if you want some details. Mike (UT)

Perfect, Adam! So, if any of us have any problems with anyone, we'll just tell them to give you a call!? Great! If I hear from good ol' Manny McWeasel again, I'll just tell him to talk to my mafia representative out in MI! Thanks again! Mike (UT)

Doug, Looks like we were on the same page at the same time! Anyway, thanks for the comment, because obviously we are thinking the same. Any comments on my consulting, though? Mike (UT)

Thanks, MC, for the feedback. I am not overly concerned with the call. The guy got a hold of my flyer because someone sent him a copy. Probably some agent who found it on a house they had listed. My flyer does mention a finder's fee for someone who brings me a deal. He brought that up specifically. That is not a problem, is it? Basically, he was just asking me a lot of questions. All I told him is that I invested in properties, and at times may consult with a homeowner. The consulting part was what he was really concerned about. No big deal, really. ========================================= Anyway, the part of all the statutes that intrigues me is this: 61-2-3. Exempt persons and transactions. (1) (a) Except as provided in Subsection (1)(, a license under this chapter is not required for: (i) any person who as owner or lessor performs the acts described in Subsection 61-2-2 (12) with reference to property owned or leased by that person; ... ( Subsection (1)(a) does not exempt from licensing: ... (iii) any person whose interest as an owner or lessor was obtained by him or transferred to him for the purpose of evading the application of this chapter, and not for any other legitimate business reason. ========================================= Seems to me that making money is a legitimate business reason! But seriously, should I have even a mild concern for that statement. What are they trying to do with that? Thanks again, Mike (UT)

I would appreciate any comments I can get from all of you actively involved in this business. I received a call from an investigator with Utah Division of Real Estate. He ended up with a copy of one of my flyers, and was calling to ask me questions and basically tell me that I need a license to do what I am doing. I really don't believe him, and he didn't seem very confident in himself, but I really want to make sure I am OK. The following link points to the state code and statutes related to Real Estate brokering. Please let me know what you think, and how I can make sure I am legal (I know you are not attorneys, giving legal advice, etc... ) The first few sections here seem to address the issue: http://www.le.state.ut.us/~code/TITLE61/61_02.htm I am particularly interested in what you think of 61-2-3 1.b.3 Thank you for your feedback. Mike (UT)

Kez, How did you get 101 people under you so fast? I looked at it, but wasn't sure what to think of it. Mike (UT)